ABCD corrective structure pulled back to 0.618 area, also a bearish harmonic pattern. Strong resistance from 50.80 to 51.20 and a good risk&reward ratio.
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If price pulls back to 50.45-50.50 area and a reverse candle is observed, probably could add short entry
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Some thoughts on USDCAD, Watch oil drop to 49.25-49.40 area. Based on the pattern of USDCAD, oil might pull back from that area. Don't chase the price, short the pull back!
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Nothing has been really changed yet. Would like to see the data reaction tomorrow. Set a comfortable stop loss and that's it!
Transakcja zakończona: osiągnięto poziom stop
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Still entered early, not patient. Reexamine it later.
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Toland888
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May I ask what vehicle do you use to short oil? Thank you so much.
pparmy1991
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@Toland888, For now, I use DWT, so I will close it early tomorrow morning. What I am doing here is just some practice before really join the future market :)
Toland888
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@pparmy1991, Do you think about using short UWT instead of buying DWT? If you can control your position, you can have contango to cover you some loss by decay.
pparmy1991
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@Toland888, If you have a margin account, it's better to short UWT instead. But right now I am just a small fish, I did not open margin account yet.